BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions
The Bank of Ghana (BoG) has reiterated that all unauthorised dealings in foreign exchange, including black market transactions and the pricing of goods and services in foreign currency, remain strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
In a notice issued on Tuesday, the central bank warned both institutions and individuals to immediately cease and desist from quoting, invoicing, or receiving payments in foreign currency — particularly the US dollar — for domestic transactions.
The directive covers a wide range of activities including the payment of school fees, sale and rental of vehicles and real estate, airline tickets, domestic contracts, retail shopping, online sales, and hotel accommodation.
BoG stressed that the Ghana cedi remains the sole legal tender for transactions within the country. Foreign currency invoicing, it said, may only be issued to expatriates or non-residents, with proceeds deposited into Foreign Exchange Accounts (FEAs) held with licensed banks. In such cases, exchange rates must reflect prevailing market rates of commercial banks, benchmarked against the BoG’s published reference rate, and not set arbitrarily.
The central bank further noted that legitimate external payments can still be processed through the banking system, subject to regulatory thresholds and banks’ internal procedures.
BoG warned that it will step up enforcement of the law, with offenders facing sanctions and potential prosecution in accordance with Act 723.
